The Sports Xchange

The Denver Broncos restructured the contract of punter Britton Colquitt on Monday, reducing his base salary for 2015.

The team has been searching for ways to reduce the salary cap throughout the offseason, including asking quarterback Peyton Manning to take a $4 million pay cut for a salary of $15 million.

Colquitt signed a four-year, $11.677 million deal in 2013 that made him one of the highest-paid punters in the league, but his base salary has now been cut from $3 million to $1.6 million this season, according to ESPN.com. The Broncos will save $1.4 million against the salary cap.

The Broncos did not change the last year of the contract when Colquitt is slated to make $3.25 million in 2016, with a $4 million salary cap charge.

The 30-year-old Colquitt has averaged 45.5 yards per punt in five seasons with the Broncos, but his 44.2-yard average last year was the lowest of his career. His net average of 37.6 was down from his career average of 40.2.